As of December 31 2023, Oxley reported a total of $36.31 million in cash and cash equivalents and total current liabilities of $1.04 billion, as per a Singapore Exchange filing
Oxley Holdings Ltd, a cash-strapped property developer in Singapore, is seeking a private credit loan of $100 million to $120 million partly to help repay a Singapore dollar bond due next month, according to people familiar with the matter.
Tenure of the loan would be two years, the people added, asking not to be identified as the matter is private. The borrowing is set to be backed by Oxley’s two property projects in Kuala Lumpur and London. The deal is not final and terms may change, the people added.
The developer plans to use part of the proceeds to repay its Singapore dollar-denominated 6.9 per cent bond due July, the people added. The bond, which was issued in 2021, has $98.77 million of principal outstanding, as per Bloomberg-compiled data.
As of December 31 2023, Oxley reported a total of $36.31 million in cash and cash equivalents and total current liabilities of $1.04 billion, as per a Singapore Exchange filing.
Singapore’s property sector, which has so far dodged the downturns seen in other major cities, has slowed because of weaker economic growth and multiple government interventions to cool the overheated market.
Oxley has completed over 40 projects in several countries including the UK and Ireland since its establishment in 2010, as per its latest annual report. Oxley’s shares were trading near 8.8 Singapore cents in recent weeks, and are near their lowest mark since the company’s public offering in 2010.
Oxley recently appointed Chin Mei Ling as its new CFO, following the departure of Leong Mei Kuan, as per a filing with the Singapore Exchange.
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